US-Iran Interim Peace Deal: Trump and Iran’s Pezeshkian signed an MoU at Versailles after the G7, with Tehran agreeing to dilute enriched uranium and Washington waiving sanctions, while the Strait of Hormuz is set to reopen toll-free for two months and a 60-day nuclear negotiation clock begins. IAEA Implementation: The IAEA says it is ready to define “concrete steps” for uranium down-blending under supervision, making the next phase hinge on practical verification. Markets React: Oil slid sharply and gold edged up as traders recalculated inflation and rate expectations, betting on lower energy pressure even as the nuclear file remains unresolved. Pakistan’s Mediation: Pakistan’s Shehbaz Sharif says the “Islamabad MoU” entered into force immediately, highlighting Islamabad’s role as a key broker alongside Qatar. Regional Ripples: Gulf states are watching for stability and shipping normalization, while Israel faces fresh political backlash and diplomatic friction, including concerns the deal could leave Iran’s leverage intact. Next Talks in Switzerland: Switzerland says US-Iran implementation talks are planned for Friday at Burgenstock with mediators involved. Israel-Lebanon Flashpoint: Israeli strikes in southern Lebanon have raised fears the Lebanon track could derail the broader understanding. Domestic Pressure in Israel: Ultra-Orthodox protesters rallied against conscription rules as Israel’s multi-front security demands intensify. Energy/Transit Focus Elsewhere: Egypt and the UK are signaling continued work on regional files, including Hormuz transit and Gaza diplomacy.